Exchange-Traded Funds

PDBC - Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF

Alternative - Commodities

Product Details

The Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF (Fund) is an actively managed exchange-traded fund (ETF) that seeks to achieve its investment objective by investing in commodity-linked futures and other financial instruments that provide economic exposure to a diverse group of the world's most heavily traded commodities. The Fund seeks to provide long-term capital appreciation using an investment strategy designed to exceed the performance of DBIQ Optimum Yield Diversified Commodity Index Excess Return™ (DBIQ Opt Yield Diversified Comm Index ER) (Benchmark), an index composed of futures contracts on 14 heavily traded commodities across the energy, precious metals, industrial metals and agriculture sectors.

as of 06/30/2018

Morningstar Rating

Overall Rating - Commodities Broad Basket Category

As of 06/30/2018 the Fund had an overall rating of 4 stars out of 103 funds and was rated 4 stars out of 103 funds, N/A stars out of N/A funds and N/A stars out of N/A funds for the 3-, 5- and 10- year periods, respectively.

Morningstar details

Source: Morningstar Inc. Ratings are based on a risk-adjusted return measure that accounts for variation in a fund's monthly performance, placing more emphasis on downward variations and rewarding consistent performance. Open-end mutual funds and exchange-traded funds are considered a single population for comparison purposes. Ratings are calculated for funds with at least a three year history. The overall rating is derived from a weighted average of three-, five- and 10-year rating metrics, as applicable, excluding sales charges and including fees and expenses. ©2018 Morningstar Inc. All rights reserved. The information contained herein is proprietary to Morningstar and/or its content providers. It may not be copied or distributed and is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance does not guarantee future results. The top 10% of funds in a category receive five stars, the next 22.5% four stars, the next 35% three stars, the next 22.5% two stars and the bottom 10% one star. Ratings are subject to change monthly. Had fees not been waived and/or expenses reimbursed currently or in the past, the Morningstar rating would have been lower. Ratings for other share classes may differ due to different performance characteristics.

as of 06/30/2018 06/30/2018

Performance

  YTD 1Yr 3Yr 5Yr 10Yr Since Inception
Index History (%)
DBIQ Opt Yield Diversified Comm Index ER 5.98 21.92 -0.38 -6.02 -8.24 -5.25
DBIQ Opt Yield Diversified Comm Index TR 6.89 23.66 0.33 -5.61 -7.96 -4.69
DBIQ Opt Yield Diversified Comm Index ER 5.98 21.92 -0.38 -6.02 -8.24 -5.25
DBIQ Opt Yield Diversified Comm Index TR 6.89 23.66 0.33 -5.61 -7.96 -4.69
Fund History (%)
Fund NAV 5.78 21.95 -0.59 N/A N/A -5.50
After Tax Held 5.78 19.91 -2.04 N/A N/A -6.63
After Tax Sold 3.42 12.77 -1.15 N/A N/A -4.64
Fund Market Price 5.79 21.66 -0.28 N/A N/A -5.55
Fund NAV 5.78 21.95 -0.59 N/A N/A -5.50
After Tax Held 5.78 19.91 -2.04 N/A N/A -6.63
After Tax Sold 3.42 12.77 -1.15 N/A N/A -4.64
Fund Market Price 5.79 21.66 -0.28 N/A N/A -5.55

PowerShares DB Optimum Yield Diversified Commodity Strategy Portfolio (PDBC) seeks to outperform the excess return version of its Benchmark (DBLCDBCE). Because PDBC collateralizes its futures positions, the results of the total return version of the Benchmark, (DBIQ Optimum Yield Diversified Commodity Index Total Return™ or DBIQ Opt Yield Diversified Comm Index TR) are also displayed.

Market returns are based on the midpoint of the bid/ask spread at 4 p.m. ET and do not represent the returns an investor would receive if shares were traded at other times. Performance data quoted represents past performance, which is not a guarantee of future results. Investment returns and principal value will fluctuate, and shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than performance data quoted. After-tax returns reflect the highest federal income tax rate but exclude state and local taxes. Fund performance reflects applicable fee waivers, absent which, performance data quoted would have been lower. After Tax Held and After Tax Sold are based on NAV. Returns less than one year are cumulative.

An investor cannot invest directly in an index. The results assume that no cash was added to or assets withdrawn from the Index. Index returns do not represent Fund returns. The Index does not charge management fees or brokerage expenses, nor does the Index lend securities, and no revenues from securities lending were added to the performance shown.
Effective close of the markets on November 17, 2016, the name of PowerShares Optimum Yield Diversified Commodity Strategy Portfolio (PDBC) has changed. Please see the Fund's prospectus for further information.

as of 06/30/2018

Growth of $10,000

Data beginning Fund inception and ending 06/30/2018. Fund performance shown at NAV.

Performance data quoted represents past performance. PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS. Call 800-983-0903 for the most recent month-end performance numbers. Investment returns and principal value will fluctuate and shares of the Fund, when redeemed, may be worth more or less than their original cost. Returns less than one year are cumulative. An investor cannot invest directly in an index.

The Fund seeks to track the excess return version of the Index (DBLCDBCE). Because the Fund collateralizes its futures positions with primarily US Treasuries, the results of the total return version of the Index (DBLCDBCT) are also displayed.

as of 07/20/2018 Holdings | View All

Fund Holdings subject to change

Futures % of Net Assets
WTI Crude 3.26
Brent Crude 3.23
NY Harbor ULSD 3.01
Gasoline 2.85
Gold 1.62
Wheat 1.26
Corn 1.10
Natural Gas 1.03
Soybeans 1.03
Sugar 0.88
Aluminium 0.82
Copper 0.79
Zinc 0.73
Silver 0.38
Swaps % of Net Assets
Pay UBS COMMODITY BASKET 8/3/2018 -0.07
GOLDMAN SACHS COMMODITY I-SELECT STRATEGY 1063 GOLDMAN SACHS COMMODITY I-SELE -0.62
MACQUARIE ASSET LEG -0.62
RBC ASSET LEG -0.66

Collateral % of Net Assets
United States Treasury Bill 87.94
Premier U.S. Government Money Portfolio 5.55
INVESCO LIQUID ASSET CASH MF 4.49
Short-Term Investments Co Global Series PLC - US Dollar Liqu 4.25
Cash/Receivables/Payables 0.03

NY Harbor ULSD has previously been referred to as Heating Oil.

A negative in Cash or Other, as of the date shown, is normally due to fund activity that has accrued or is pending settlement.

Distributions | View All | Distribution Information

Ex-Date Record Date Pay Date $/
Share
Ordinary Income Short Term Gains Long Term Gains Return of Capital
12/18/2017 12/19/2017 12/29/2017 0.66914 0.66914 - - -
12/16/2016 12/20/2016 12/30/2016 1.12416 1.12416 - - -

Frequency Distribution of Discounts & Premiums

    Bid/Ask MidPoint Above NAV
Quarter
Ending
Days 0.00-
0.25%
0.26-
0.50%
0.51-
0.99%
1.00-
1.49%
1.50-
1.99%
≥2.00%
06/30/2018 64 39 2 1 0 0 0
03/31/2018 61 36 5 0 0 0 0
12/31/2017 63 44 2 0 0 0 0
09/30/2017 63 39 1 0 0 0 0
Year Ended 2017 251 143 4 2 2 1 0
    Bid/Ask Midpoint Below NAV
Quarter
Ending
Days 0.00-
0.25%
0.26-
0.50%
0.51-
0.99%
1.00-
1.49%
1.50-
1.99%
≥2.00%
06/30/2018 64 20 2 0 0 0 0
03/31/2018 61 15 4 1 0 0 0
12/31/2017 63 17 0 0 0 0 0
09/30/2017 63 22 1 0 0 0 0
Year Ended 2017 251 96 3 0 0 0 0

Fund Inception: 11/07/2014

Shareholders may pay more than net asset value when they buy Fund shares and receive less than net asset value when they sell those shares, because shares are bought and sold at current market prices. Performance data quoted represents past performance, which is not a guarantee of future results.


 Risk & Other Information

There are risks involved with investing in ETFs, including possible loss of money. Actively managed ETFs do not necessarily seek to replicate the performance of a specified index. Actively managed ETFs are subject to risks similar to stocks, including those related to short selling and margin maintenance. Ordinary brokerage commissions apply. The Fund's return may not match the return of the Index. The Fund is subject to certain other risks. Please see the current prospectus for more information regarding the risk associated with an investment in the Fund.

The Fund is subject to management risk because it is an actively managed portfolio. The investment techniques and risk analysis used by the portfolio managers may not produce the desired results.

Risks of futures contracts include: an imperfect correlation between the value of the futures contract and the underlying commodity; possible lack of a liquid secondary market; inability to close a futures contract when desired; losses due to unanticipated market movements; obligation for the Fund to make daily cash payments to maintain its required margin; failure to close a position may result in the Fund receiving an illiquid commodity; and unfavorable execution prices.

In pursuing its investment strategy, particularly when "rolling" futures contracts, the Fund may engage in frequent trading of its portfolio securities, resulting in a high portfolio turnover rate.

Commodity-linked notes may involve substantial risks, including risk of loss of a significant portion of principal and risks resulting from lack of a secondary trading market, temporary price distortions, and counterparty risk.

Swaps involve greater risks than direct investments. Swaps are subject to leveraging, liquidity and counterparty risks, and therefore may be difficult to value. Adverse changes in the value or level of the swap can result in gains or losses that are substantially greater than invested, with the potential for unlimited loss.

The Fund may hold illiquid securities that it may be unable to sell at the preferred time or price and could lose its entire investment in such securities.

The Fund currently intends to effect creations and redemptions principally for cash, rather than principally in-kind because of the nature of the Fund's investments. As such, investments in the Fund may be less tax efficient than investments in ETFs that create and redeem in-kind.

The Fund is non-diversified and may experience greater volatility than a more diversified investment.

The Shares of the Fund are not deposits, interests in or obligations of any Deutsche Bank AG, Deutsche Bank AG London Branch, Deutsche Bank Securities Inc. or any of their respective subsidiaries or affiliates or any other bank (collectively, the "DB Parties") and are not guaranteed by the DB Parties.

DBIQ Optimum Yield Diversified Commodity Index Excess ReturnTM and DBIQ Optimum Yield Diversified Commodity Index Total ReturnTM (the ""Indices"") are products of Deutsche Bank AG and/or its affiliates. Information regarding these Indices is reprinted with permission. Deutsche Bank® DBTM, DBIQ®, Optimum YieldTM, DBIQ Optimum Yield Diversified Commodity Index Excess ReturnTM and DBIQ Optimum Yield Diversified Commodity Index Total ReturnTM are trademarks of Deutsche Bank AG. The Indices and trademarks have been licensed for use for certain purposes by Invesco Capital Management LLC, an affiliate of Invesco Distributors, Inc. The Fund is not sponsored, endorsed, sold or promoted by DB Parties or their third party licensors and none of such parties makes any representation, express or implied, regarding the advisability of investing in the Fund, nor do such parties have any liability for errors, omissions, or interruptions in the Indices. The Indices are calculated and administered by DB Parties without regards to the Fund.

Invesco Capital Management LLC and Invesco Distributors, Inc. are not affiliated with Deutsche Bank Securities Inc.

Beta is a measure of risk representing how a security is expected to respond to general market movements. Smart Beta represents an alternative and selection index based methodology that seeks to outperform a benchmark or reduce portfolio risk, or both. Smart beta funds may underperform cap-weighted benchmarks and increase portfolio risk.

as of 07/23/2018
11:00 AM EST

PDBC
Intraday Stats

  • Last Trade $17.79
  • Current IIV $17.80
  • Change $0.10
  • % Change 0.57%
as of 07/20/2018
  • NAV at market close $17.68

as of 07/20/2018

Fund Yield

  • SEC 30 Day Yield 1.09%
  • Distribution Rate 3.78%
  • 12 Month Distribution Rate 3.78%
as of 07/20/2018

Prior Close

  • Closing Price $17.69
  • Bid/Ask Midpoint $17.68
  • Bid/Ask Prem/Disc -
  • Bid/Ask Prem/Disc -

Fund Details

  • Fund Ticker PDBC
  • CUSIP # 46090F100
  • ISIN US46090F1003
  • Intraday NAV PDBCIV
  • Index Ticker DBLCDBCE
  • Index Provider Deutsche Bank
  • Management Fee 0.59%
  • Acquired Fund Fees & Expenses 0.02%
  • Total Expense Ratio 0.61%
  • Fee Waiver 0.02%
  • Net Expense Ratio 0.59%
  • Marginable Yes
  • Short Selling Yes
  • Options No
  • Exchange NASDAQ
  • Inception Date 11/07/2014
  • # of Holdings 27
    as of 07/20/2018
as of 07/23/2018

Quick Facts

  • Previous Close $17.69
  • Open $17.80
  • Today's High $17.81
  • Today's Low $17.74
  • Today's Volume 150,152
  • 1,328,071 30-Day Avg Trading
    Volume
  • 52 Week High $19.43
  • 52 Week Low $15.79
  • Shares Outstanding 109.70MM
  • Market Value $1,939.6MM